Bitcoin is a digital currency. Since the invention of the credit card the USD has also been a digital currency. A bunch of fancy and opaque "math" surrounds both bitcoin and the USD. Even if the theory is sound there's no way for me to verify the practice matches the theory.
Sound currency rests on real value. The currency itself must either have a real value like silver or gold or be immediately exchangable for a fixed quantity of a valuable commodity or selection of commodities.
Bitcoin is not “opaque”. It’s 100% open source and the ledger is fully visible. You literally can verify the entire bitcoin ledger yourself and if you run a node you have to. Every single transaction hash must match.
“there no way for me to verify the practice matches the theory”
It’s literally a public ledger that anyone can go through with a fine tooth comb. And some have. Why is gold valuable? Because you can hold it? Because people make jewlery with it? No because over time people agreed that it was something they wanted because there was a limited quantity. Bitcoin is even more limited than gold because while we dont know how much gold there is to mine we know exactly how much Bitcoin is left. Bitcoin will continue to rise in value esp as adoption increases like it has
No. We simply distrust what we cannot see.
Bitcoin is a digital currency. Since the invention of the credit card the USD has also been a digital currency. A bunch of fancy and opaque "math" surrounds both bitcoin and the USD. Even if the theory is sound there's no way for me to verify the practice matches the theory.
Sound currency rests on real value. The currency itself must either have a real value like silver or gold or be immediately exchangable for a fixed quantity of a valuable commodity or selection of commodities.
Bitcoin is not “opaque”. It’s 100% open source and the ledger is fully visible. You literally can verify the entire bitcoin ledger yourself and if you run a node you have to. Every single transaction hash must match.
You have no means of verifying if the information given to you is the truth.
You’re wrong. There is a SHA256 checksum. I can mathematically guarantee that the data is the truth.
And every participant node in the blockchain DOES verify every transaction!
“there no way for me to verify the practice matches the theory”
It’s literally a public ledger that anyone can go through with a fine tooth comb. And some have. Why is gold valuable? Because you can hold it? Because people make jewlery with it? No because over time people agreed that it was something they wanted because there was a limited quantity. Bitcoin is even more limited than gold because while we dont know how much gold there is to mine we know exactly how much Bitcoin is left. Bitcoin will continue to rise in value esp as adoption increases like it has